Jane Edwards
Menlo Microsystems will invest $50 million over the next three years as it works to retrofit a microelectronics production facility in Tompkins County, New York, a move that will generate 100 high-tech jobs in the Ithaca area in the next five years.
The facility, dubbed Ideal Fab, is expected to start producing the company’s Ideal Switch technology and wafers by 2024, Menlo Micro said Tuesday.
The company also announced a multiyear investment plan of $150 million to further expand its manufacturing operations in the U.S. and create 100 more jobs.
Sen. Chuck Schumer, D-N.Y., and New York Gov. Kathy Hochul encouraged Menlo Micro to invest in the state through the CHIPS and Science Act and as part of their advocacy to make New York a microelectronics production hub.
Menlo Micro will also receive $6.5 million in Excelsior Jobs Tax Credits from Empire State Development for its commitment to creating 122 jobs in upstate New York.
“Today’s announcement represents the first step toward significantly increasing the domestic production capacity of our Ideal Switch to help secure critical infrastructure and further strengthen America’s technology leadership,” said Russ Garcia, CEO of Menlo Micro.
Join the ExecutiveBiz’s 2023 Microelectronics Forum on July 25 to hear semiconductor experts, industry and government leaders discuss how increased domestic manufacturing will help elevate the country’s technological edge. Register here.
